Fund Performance - Baron Emerging Markets Fund returned 10.89% in Q3 2025, outperforming the MSCI Emerging Markets Index at 10.64% and the MSCI Emerging Markets IMI Growth Index at 11.48% [1] - Year-to-date, the fund achieved a return of 31.79%, compared to 27.53% for the MSCI Emerging Markets Index and 28.19% for the Proxy Benchmark [1] - The firm expressed satisfaction with the quarterly results despite the underperformance of Indian equities during the same period [1] GDS Holdings Limited - GDS Holdings Limited, a data center operator in China, had a one-month return of 12.39% and a 52-week gain of 72.84%, closing at $36.02 per share with a market capitalization of $6.898 billion on December 09, 2025 [2] - The company is viewed as benefiting from the growth of China's AI ecosystem, cloud computing, digital payments, and short-form video, which are expected to provide growth tailwinds for data center operators [3] - GDS has competitive advantages including access to large-scale power in Tier-1 cities, a strong track record in development, and leading market share in the third-party carrier-neutral data center space [3] Investment Insights - The company reinitiated investment in GDS Holdings, anticipating significant cash flow growth from approximately $200 million to $1 billion over the next two years based on definitive contracts [3] - The investment in GDS's mainland China business is valued at only 11 to 12 times EBITDA, indicating a steep discount compared to global peers and suggesting considerable upside potential [3] - GDS recently listed a subset of its assets into a public REIT vehicle, which is now valued at more than 20 times cash flow, further enhancing its investment appeal [3]

Core Insights - Netflix's third-quarter performance was impacted by a $619 million expense related to a Brazilian tax dispute, despite achieving record revenue driven by popular content [1][3] - The company reported a 17.2% increase in revenue, reaching $11.5 billion, aligning with analyst expectations [1] - Netflix's operating income rose 7.7% year-over-year to $2.55 billion, but fell short of analyst estimates [3] Revenue and Growth - The ad tier emerged as a significant growth area, with Netflix reporting its best ad sales quarter ever and doubling commitments from US advertisers [2] - The robust revenue growth indicates that Netflix's efforts to enhance viewer engagement are yielding positive results [9] Viewership and Competition - Netflix achieved its highest-ever viewership share on US-based smart TVs, averaging 8.6% from July to September, outperforming other paid streaming services [10] - However, Netflix still trails behind YouTube, which had a 13% viewership share, prompting the company to explore video podcasts and attract YouTube creators [11] Subscriber Estimates - Although Netflix no longer discloses subscriber numbers, analysts estimate that the platform has approximately 315 million global members [12]

President Trump signing an executive order meant to keep Tik Tok running in the United States. Vice President JD Vance says the deal values Tik Tok's US business at 14 billion and under the terms a new joint venture company will oversee Tik Tok in America with China based Bite Dance retaining less than a 20% stake. Uh but there's been no indication yet that the Chinese government has made uh the legal changes with the algo and all that necessary for a deal to go through.Joining us uh is our own Aean Jeffs a ...